The country’s oil firms raised the price of gasoline by P0.25 per liter but cut the price of diesel by P0.40 per liter and kerosene by P0.35 per liter effective 6 a.m. Tuesday.
“Petron will implement the following price adjustments effective 6 a.m. tomorrow, July 9: increase of P0.25/li for gasoline; rollback of P0.40/li for diesel; and rollback of P0.35/li for kerosene. These reflect movements in the international oil market,” Petron Corp., the country’s biggest oil firm, said in its advisory.
Other oil firms that implemented the price adjustment are Pilipinas Shell Petroleum Corp., PTT Philippines, and Seaoil Philippines.
Phoenix Petroleum Philippines implemented the price rollback of P0.40 per liter for diesel ahead of the pack on Saturday but raised gasoline prices on Tuesday.
Unioil Philippines, in an earlier forecast, said consumers should expect “fuel prices to have a rollback for diesel and an increase for gasoline. Diesel should decrease by P0.40 -0.50 per liter while gasoline should increase by P0.20 – P0.25 per liter.”
Domestic pump prices move to reflect the movement in world oil prices as the Philippines import more than 90 percent of its fuel requirements.
According to the latest oil monitoring of the Energy department, crude oil prices continue to receive support from supply cuts by the Organization of the Petroleum Exporting Countries and other allied countries.
DOE said reduced production and exports from Iran and Venezuela also add up to overall supply tightness but concerns over trade dispute between the US and China that may lead to an economic slowdown and reduced fuel consumption outweighed supply concerns.
Last June 4, most of the oil companies implemented a per liter price rollback of P1.70 for gasoline, P1.05 for diesel and P1 for kerosene.
Prior to Tuesday’s pump price movement, year-to-date adjustments stood at a net increase of P5.50 per liter for gasoline, P4.70 per liter for diesel and P3 per liter for kerosene.